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Brazil: an exit to the crisis?

Inflation is slowing and the consensus forecast is relatively optimistic about an end to Brazil’s recession in 2017. However, we should proceed with caution. At this stage, the Brazilian government is far from delivering on the necessary budgetary measures or the structural reforms long-awaited by the markets.

Furthermore, next year’s presidential elections will undoubtedly become a factor in the debate by the end of 2017, generating new uncertainty if a consensus candidate fails to emerge.